Traction Battery Market to grow at a CAGR of 11% to reach USD 65bn by 2024
Date: 2019-01-28   Author: Rahul Sankrityayan  Category: #market

Traction Battery Market to grow at a CAGR of 11% to reach USD 65bn by 2024

Traction Battery Market growth is driven by the electrification trend in the automotive space, which seems to have carved out a rather pronounced growth path in the recent years. Changing consumer preferences toward utilization of clean energy and lowering the greenhouse emission is expected to have a greater impact on the deployment of electric vehicles on a global scale. Forming one of the most vital components of the automotive industry, the growth of the electric vehicle market has also inevitably gravitated much of the momentum in the electric vehicle batteries business sphere. According to estimates provided by the IEA, the global sales of new electric cars exceeded 1 million units in 2017 in terms of volume, and exhibited nearly 54% growth in comparison to the statistics of 2016.

The recent years also saw automakers making several major EV announcements, which have had a direct impact on the traction battery industry share. To name a few, General Motors announced plans for 20 new Electric Vehicles models by 2023, Toyota said it plans to electrify its entire lineup by 2025, Ford announced investment of USD 4.5 billion into 13 new EVs, while Volvo revealed that all the models launched after 2019 will be either all-electric or hybrid. Quite overtly, endorsed by such initiatives of the automotive giants, traction battery market is indeed on its way to emerge as nothing but a lucrative vertical for potential investors.

Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/2888

Enumerated below are some of the latest development underlining the expansion of traction battery market

Following its partnership in 2014 over the “Gigafactory”, Tesla and Panasonic have recently announced plans to expand its traction battery cell production by 30% by the end of 2018. The Gigafactory, for the record, is capable of producing more than 35 GWh of battery cells every year, which is not only likely to meet the global demand for traction batteries but is also expected to play an imperative role is making batteries energy efficient and cost-competitive.

In yet another instance, Audi recently announced that its first all-electric SUV, dubbed as the e-tron, has commenced production at its Brussels facility. Reports reveal that the e-tron is powered by large battery pack that has a capacity to store 95 kWh of energy. The company claims that the large traction battery comes with a 150-kW high-power charging (HPC) station and can be recharged within just 30 minutes.

Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/2888

The above-mentioned instances also bear testimony to the fact that numerous automakers are spending billions of dollars on electric technologies as they rush to hold a significant stance on the biggest change that has recently hit the automotive industry. Reliable reports claim that in 2017, automakers spent USD 200 million on electrification & autonomous vehicle technologies and will spend approximately USD 250 billion in the research & development and capital expenditures on electric vehicles by 2023. Moreover, around 207 electric models are set to hit the market by 2022. The data goes on to validate that the extraordinary expansion of the electric vehicle industry will also lead to robust traction battery market demand.

U.S. to remain a lucrative investment hub for traction battery industry

In view of the expanding number of electric vehicles on road and the increasing demand for high quality batteries, the commercialization of worldwide traction battery industry is set to witness an all-time high. On the regional front, the traction battery market saw notable expansion in the U.S., with overall region contributing to a revenue share of USD 3 billion in 2017. The credit of the same can be attributed to the supportive Federal policies that includes tax credits and purchase incentives for EVs on one hand and stringent emission control targets on other. Reports claim that in U.S. alone, EV sales climbed 21% in 2017, and is expected to remain a lucrative hotspot for traction battery industry players in the ensuing years.

Browse Complete Report Summary @ https://www.gminsights.com/industry-analysis/traction-battery-market

The robust efforts to bring EVs to the mainstream will thus be the principal driving force behind the progress of the global traction battery market.  According to a report by Global Market Insights, Inc., traction battery market will hit USD 65 billion by 2024 at a growth rate of 11% over 2018-2024.



About Author


Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

Read More

More from Rahul


Post Recommendents

Automotive Locking Switch Market Size Analysis, Trends, Top Manufacturers, Share, Growth, Statistics, Opportunities and Forecast to 2025
Author: Partha Ray

The 'Automotive Locking Switch Market' research report added by Market Study Report, LLC, provides a succinct analysis on the recent market trends. In addition, the report offers a thorough abstract on the statistics, market estimates and revenue ...


Waterborne Epoxy Resins Market Size, Growth, Analysis, Outlook by 2019 - Trends, Opportunities and Forecast to 2025
Author: Partha Ray

Global Waterborne Epoxy Resins Market Size, Industry Analysis Report, Regional Outlook (Americas, APAC and EMEA), Application Development status, Price Trend, Competitive Market Share & Forecast, 2019 - 2025.

A detailed analysis of the Water...


Ultrasonic Nebulizers Market Size, Latest Trend, Growth by Size, Application and Forecast 2025
Author: Partha Ray

This report on Ultrasonic Nebulizers market Added by Market Study Report, LLC, covers valuable insights based on market valuation, market size, revenue forecast, SWOT Analysis and regional outlook of this industry. The research also presents a pre...